National Industrialization Company (Tasnee) 92
94
• Group CEO: Sael Al Waary
Country: Bahrain Sector: Banks & Financial Services
• CEO: Mutlaq Al Morished
Market Value: $809 million Sales: $2.4 billion
Market Value: $2.4 billion Sales: $1 billion
Bank ABC offers international wholesale banking services through a network of 145 branches across five continents and 15 countries. Following the acquisition of a 99.5% stake in BLOM Bank Egypt in 2021, the bank merged its two Egyptian subsidiaries, BLOM Bank Egypt and Bank ABC Egypt, in January 2023. In the same month, the bank closed a three-year $75 million term loan facility for the Industrial Bank of Kuwait. The bank’s net profit increased by 63.3% to $209 million in 2022. The Central Bank of Libya and the Kuwait Investment Authority are its major shareholders.
Profits: $209 million Assets: $36.6 billion
Country: Saudi Arabia Sector: Industrials Profits: $290 million Assets: $6.6 billion Tasnee was founded in 1985. It is one of Saudi Arabia’s largest industrial companies and one of the world’s largest investors in titanium dioxide. Alwaleed bin Talal’s Kingdom Holding Company is the largest shareholder in Tasnee, with a 6.2% stake. It constitutes about 10% of the global titanium sponge production, with an annual output of 15.5 KT, which is used in aviation, nuclear submarines, missiles, and satellite industries. In Q1 2023, the company signed an MoU with the Saudi’s Ministry of Investment and Boeing to develop a titanium value chain in the Kingdom.
93
94
National Bank of Bahrain (NBB)
• Group CEO: Usman Ahmed
Country: Bahrain Sector: Banks & Financial Services Market Value: $3.6 billion Sales: $610 million Profits: $188 million Assets: $12.7 billion Established in 1957, NBB operates in Bahrain, the U.A.E., and Saudi Arabia. The bank owns 78.8% of the Bahrain Islamic Bank, which operates under an Islamic retail banking license. In 2022, NBB reported a 28.5% increase in net profits to $188 million, compared to $145.9 million in 2021. It also partnered with SWIFT to introduce Swift-Go payment solutions to its customers. Usman Ahmed assumed his role as Group CEO of NBB in January 2023.
Dar Al Arkan
• Chairman: Yousef Al Shelash Country: Saudi Arabia
Sector: Real Estate & Construction Market Value: $4.6 billion Sales: $1 billion
Americana Restaurants
Profits: $118 million Assets: $8.9 billion
96
Dar Al Arkan operates in Saudi Arabia, with a global presence through its international business arm, Dar Global, which manages a portfolio of at least ten projects across the Middle East and Europe. In February 2023, Dar Global was listed on the London Stock Exchange with a valuation of $600 million. In July 2022, Dar Al Arkan issued a $400 million Sukuk listed on the Euronext Dublin and Nasdaq Dubai. In November 2022, Dar Global signed an agreement with the Trump Organization to develop Trump residential villas, a hotel, and a golf course in a $4 billion AIDA project in Oman.
• CEO: Amarpal Sandhu
F O R B E S M I D D L E E A S T.C O M
New
Country: U.A.E. Sector: Retail Market Value: $9 billion Sales: $2.4 billion Profits: $263 million Assets: $1.3 billion Americana Restaurants is one of the largest out-of-home dining and quick-service restaurant operators, with a portfolio of 12 global brands. It employs over 40,546 people. The company operates 2,228 stores across 12 countries in MENA and Kazakhstan as of Q1 2023. In December 2022, Americana Restaurants raised $1.8 billion from its IPO by selling 30% of the company’s total issued share capital. It is dual-listed on ADX and the Saudi Exchange. Adeptio AD Investments Ltd – which is equally owned indirectly by Saudi’s PIF and Mohamed Alabbar, the founder of Emaar Properties – holds a 66.03% stake in Americana Restaurants.
Returnees
JUNE 2023
IMAGES FROM SOURCE
TOP 100 LISTED COMPANIES
62
Bank ABC
